BUSINESS

Sunday 19 November 2017

PAGE | 18 FTSE100 DOW PAGE | 19 7,825.77 7,380.68 23,365.06 $56.38 ’s Rosetti +64.52 PTS +6.26 PTS +93.30 PTS +1.24 Asian EMs have 0.08% 0.40% Marino to expand 0.83% promising growth QE BRENT operations in Qatar prospects: QNB Dow & Brent before going to press

QBA delegation in Germany to boost economic ties The Peninsula Dr Khalid bin Thani Al Thani, Chamber of Commerce and Second Deputy to the Chairman Industry, have also harnessed he Qatari Businessmen of QBA. their abilities to provide all the Association’s (QBA) It was also announced that needs of the Qatari market. second leg of high-pro- the the Qatari government and QBA kicked off its meetings file European tour private sector will participate in in the German capital of Berlin resulted in the signing the Green Week Forum, to be by meeting with a number of Tof a slew of agreements between held in Berlin in January, with the businessmen at Qatar Cultural Qatar and Germany. The QBA top patricipation of some 80 House, the first cultural house of leadership’s meeting with Ger- ministers. its kind outside Qatar. man counter parts and top Added to this, an agricultural H E Sheikh Mohammed bin officials also witnessed the exhibition, will be held in Doha Abdul Rahman Al Thani, Deputy announcement of hosting ‘Qatar with the participation of the Ger- Prime Minister and Minister of Business and Investment Forum’ man Ministry of Agriculture and Foreign Affairs, will inaugurate during the first quarter of 2018. Nutrition and associated special- the cultural center on Novem- QBA delegation was led by ised companies. Considering ber 23, 2017, in the presence of Sheikh Faisal bin Qassim Al means of localising a number of a number of diplomats and Ger- Sheikh Faisal bin Qassim Al Thani (second left), QBA Chairman; Sheikh Dr Khalid bin Thani Thani, QBA Chairman; Hussein German industries in Qatar’s man business and culture Al Thani (second right), Second Deputy to the Chairman; and other other officials in Berlin, Al Fardan, First Deputy to the Free Zones, the German author- community among the others. Germany. Chairman; and Sheikh ities and the German-Arab → Continued on page 19 18 BUSINESS SUNDAY 19 NOVEMBER 2017 Italy’s Rosetti Marino to expand operations in Qatar Mohammad Shoeb Fabrication facility extremely well-established and The Peninsula well-known company. The pres- Rosetti Marino, with ence of the company is good for osetti Marino, an inte- the support of both side. And I believe the coun- grated Italian Qatargas and a local try will appreciate it as the company providing company serves in oil & gas sec- company, EPC services to tor, which is one of the most is exploring and energy industry strategic filed for Qatar,” Salzano Rworldwide, inaugurated its Doha examining for a said in his address at the event. office on Thursday. potential yard to “The establishment of the The Group has wide range of develop a fabrication new office is in line with the business interests, including facility in Qatar. closer and strategic partnership extensive operations in oil and between Italy and Qatar. Energy, gas, petrochemicals, shipbuild- some eight months ago, and ini- for sure, is one of the key factors ing, offshore and onshore tially it was supposed to be built our trade and investment rela- Pasquale Salzano (left) , Italian Ambassador to Qatar and Oscar Guerra, Chief Executive Officer sectors. at facilities in Ras Al Khaimah in tionship between the two of Rosetti Marino during the opening of Rosetti Marino branch in Qatar, on Thursday. The company has already the UAE. But due to the ongoing countries. It is an excellent mark Pic: Baher Amin / The Peninsula won a $120m project from unjust blockade, it will now be of our growing bilateral relation- Qatargas for fabricating a brand fabricated in Italy. Rosetti Marino ship,” he added. cutting-edge technologies and months to complete, but due to facility in Qatar. “This will new offshore platform (living and Qatargas are now redefin- Oscar Guerra, CEO of Rosetti know-how to achieve objectives the relocation it may get little require more technicians from quarter) with the capacity of 85 ing the execution strategy of the Marino Group, speaking to The in line with the national vision,” delayed. our company to support this new people, and refurbishment of an project. Peninsula on the sidelines of the Guerra added: “Currently we Asked about the possibilities kind of fabrication facility,” said existing platform, which will be The inauguration ceremony event, said: “The new office in are focusing on ‘green and brown of fabricating such facilities within Guerra. upgraded with modern facilities was graced by the presence Qatar is part of our long term fields’ projects in Qatar’s oil & gas Qatar for future projects, he said The Doha-branch of Rosetti and connected to the new plat- Ambassador of the Italian plans to expand operations in the sector. We have also found a that Rosetti Marino, with the sup- Marino has 10 staff, but once they form. The design and Republic to Qatar, Pasquale Sal- energy-rich country. We believe potential partner to set up a joint port of Qatargas and a local begin execution of the project in engineering works for the project zano. “I am pleased to welcome Qatar is now more open to estab- venture in the country very soon.” shipbuilding company, is explor- Ras Laffan, the number of staff are being undertaken in Milan. yet another Italian jewel, Rosetti lishing new partnerships with About the delivery date of the ing and examining for a potential is expected to grow up to 50 or The contract was awarded to Marino, to Qatar. It’s an foreign companies to bring project, he said usually it takes 20 yard to develop a fabrication even more.

US revises NAFTA QFC gets ILO certification on labour disputes mediation goals to reflect The Peninsula on employment legislation and demands in talks discuss the introduction of new he Qatar Financial Cen- labour standards in line with the Mexico City tre’s (QFC) Employment evolved business needs of the Reuters Standards Office (ESO) QFC. Membership is awarded to Thas emerged as the first firms who have demonstrated he Trump administra- entity in Qatar to provide con- ongoing commitment to oper- tion on Friday revised its ciliation and mediation services ate in compliance with the QFC Tnegotiating objectives through a professional concili- Employment Framework. for revamping the North ator and mediator of labour Yousuf Mohamed Al Jaida, American Free Trade Agree- disputes certified by the Inter- CEO of QFC Authority said: “We ment, largely to reflect the national Labor Organization are very proud to be the first demands it has made in (ILO). entity in Qatar to obtain ILO cer- NAFTA talks on agriculture, In addition to the new con- tification, this achievement is intellectual property and ciliation and mediation services, further proof of our commitment investment. the ESO, which is a unique to foster a world-class working The revised objectives are administrative dispute resolu- environment for all QFC entities, now in line with US proposals tion centre in the region, and firms and staff, as well as our to largely eliminate Canada’s structured to function in accord- determination to continue to import tariffs on dairy, poul- ance with the ILO Guidelines on grow.” try and egg products and to Labour Dispute Systems, has He continued: “At the QFC, allow more protections for announced it has implemented we are always looking at ways A QFC official receives the certificate from ILO represenatative. seasonal US produce that is the ILO principle of Social Dia- we can build upon and improve sensitive to imports from logue by launching a working our standards, which is why we to be first-rate, and in-line with standards.” implementation of the Social Mexico. group called the ESO Think Lab. have launched the ESO Think QFC laws and regulations. I look Luigia Ingianni, Employment Dialogue principle confirm our The USTR said it is keep- The ESO Think Lab gives Lab. This working group gives the forward to seeing the group Standards Officer added: “The full commitment to apply ILO ing in place most of its NAFTA members of the QFC community opportunity for QFC firms to have develop over time and what con- achievement of the ILO certifi- principles and facilitate the objectives, first published in the opportunity to come together input into how we can ensure our tributions it makes to the cation on conciliation and growth of the QFC in line with July, including a first-ever goal to share their views employment standards continue progression of QFC employment mediation as well as the the highest labour standards.” of reducing US trade deficits. Hydrogen can cut 20% of CO2 emissions targets by 2050

The Peninsula roughly 20 percent of the abate- hydrogen, which is why we are ment required to limit global encouraging governments and he Hydrogen Council warming to two degrees investors to give it a prominent revealed first-of-a-kind Celsius. role in their energy plans. The Tstudy showing hydrogen’s “The world in the 21st cen- sooner we get the hydrogen contribution as a key pillar of tury must transition to economy going, the better, and the energy transition widespread low-carbon energy we are all committed to making As global leaders gathered use,” said Takeshi Uchiyamada, this a reality.” at COP23 in Bonn, Germany, 18 Chairman of Toyota Motor Cor- “This study confirms the key leaders in their industry ver- poration and Co-chair of the place of hydrogen as a central ticals, united in the Hydrogen Hydrogen Council. “Hydrogen is pillar in the energy transition and Council coalition, came together an indispensable resource to encourages us in our support of to launch first-ever globally achieve this transition because its large-scale deployment. quantified vision of the role of it can be used to store and trans- Hydrogen will be an unavoida- hydrogen, developed with sup- port wind, solar, and other ble enabler for the energy port from McKinsey and renewable electricity to power transition in certain sectors and Company. In addition to being transportation and many other geographies.” said Benoît Potier, Saleh bin Hamad Al Sharqi (right), QC Director General; and Fahd Al Emadi, Matnaflex CEO a key pillar in the energy tran- things. The Hydrogen Council Chairman and CEO, Air shaking hands after signing the sponsorship agreement, on Thursday. sition, the study shows that has identified seven roles for Liquide. hydrogen has the potential to generate $2.5 trillion worth of Matnaflex to sponsor Made in Qatar expo business, creating more than 30 million jobs by 2050. The Peninsula Qatar Chamber director- awareness on local products and Taking the Hydrogen Coun- general Saleh bin Hamad Al exploring new investment ideas cil’s vision for hydrogen to the ational Mattresses Fac- Sharqi and Matnaflex CEO Fahd that benefit the national econ- next level, the study entitled tory (Matnaflex ) will be Al-Emadi s signed the sponsor- omy,” he added. ‘Hydrogen, scaling up’ outlines a Nthe Golden Sponsor of ship agreement at the Chamber’s Al Sharqi expressed his comprehensive and quantified ‘Made in Qatar’ 2017 exhibition, headquarters last week. thanking to Matnaflex for its roadmap to scale deployment announced Qatar Chamber yes- Al Emadi said: “We are very continuous support of “Made in and its enabling impact on the terday. The expo, slated to be keen on taking part in the “Made Qatar” from the first edition, energy transition. held between December 14 and in Qatar” due to the great role it noting that the expo strongly Deployed at scale, hydrogen 17, is organised by Qatar Cham- plays in promoting the local contributes to broadening new could account for almost one- ber, in cooperation with the products. We had supported the horizons of cooperation Qatari fifth of total final energy Ministry of Energy and Industry all previous editions of the companies and businessmen consumed by 2050. This would on a 20,000sqm area at the expo.” and offering an ideal chance to reduce annual CO2 emissions by Doha Exhibition and Conven- “The exhibition highly con- promote the high quality local roughly 6 gigatons compared to tion Centre. tributes increasing the products. today’s levels, and contribute Toyota Mirai, hydrogen powered vehicle, being refuelled. SUNDAY 19 NOVEMBER 2017 BUSINESS 19 Asian EMs have promising growth prospects: QNB

The Peninsula “The question for investors Investments in EMs This captures the stock of avail- and SEA are expected to see fast- population as it rebalances away is then, which EMs should they able assets such as machinery, est growth in per capita incomes from investment. India is pro- merging Markets (EMs) invest in? From a long-term per- Cautious optimism equipment, software and land by 2030. LatAM and SSA per cap- jected to be the top performer, growth is expected to spective, we find that India, around the future that can be used to produce ita incomes will also accelerate perhaps aided by a combination remain robust over China and Southeast Asia are the outlook for the global goods and services, thereby gen- but to a slower rate in compari- of higher productivity from long-term. India, markets with the greatest growth economy suggests erating growth. son to the Asian economies,” the domestic reforms currently being China and Southeast potential,” QNB said in its weekly that foreign We estimate the capital stock report said. carried out and, like China, India EAsia are the markets which have ‘economic commentary’, investment in EMs by accumulating historical Underlying these results are will benefit from slower popu- the greatest growth potential, yesterday. could accelerate. investment and factoring in some different drivers. SEA is the only lation growth but higher QNB Group analysts noted QNB’s view is based upon a depreciation to account for fac- region expected to see its capi- consumption on increasing yesterday. comparative long-term growth tors such as ageing equipment. tal stock grow faster in the wealth from its large Emerging markets (EMs) analysis of major EM regions to Economic theory explains Our forecasts for investment are decade from 2020 to 2030, likely population. have long been the darling of 2030. QNB analysts developed long-term growth as the conse- based on IMF projections. reflecting expectations of con- “It is important to highlight global investors. Rapid growth a model of potential GDP per quence of changes in three main The third input is the com- tinued investment in that these results are illustrative in the 2000s, particularly in the capita growth for Southeast Asia factors: the working age popu- bined productivity gains from infrastructure development, and reflect what we know today. so-called BRICS – Brazil, Russia, (SEA), Sub-Saharan Africa (SSA), lation, the capital stock and both labour and capital. In QNB’s while other regions are either Short-term cyclical factors such India, China, and South Africa – Latin America (LatAM), China productivity. Our model looks at model, this has the biggest more advanced or lag behind in as changes in economic or social drew in heavy foreign and India. Per capita income projections of these three factors weight as, historically, it has their investment cycles. China’s policies are not factored into the investment which in turn, fur- growth is the preferred yardstick to estimate long-term growth in proven to be the strongest driver capital stock is expected to grow model. The model is focused on ther aided growth in these for cross country comparisons GDP per capita across different of long-term growth. QNB ana- at a much slower rate over the structural trends that have been economies. But the global finan- because it captures the dynam- regions. lysts derive estimates of next decade, causing per capita demonstrated to drive long-term cial crisis and the slow recovery ics of economic growth as well First, the working age pop- productivity based upon IMF income growth to fall compared growth. Asia, it appears, will con- in its aftermath placed a major as the size and growth of the ulation. This is a proxy for the growth forecasts and our pro- to the previous decade. tinue to be the most promising dent in EM investment flows. population. contribution of the labour force jections of the working age But overall, its per capita destination for rising per capita Now, cautious optimism around Countries with high popula- to economic growth. Long-run population and capital stock. growth should be still be high at incomes. Overall, EM growth is the future outlook for the global tion growth will need to sustain projections of working age pop- “Putting this all together, our an average of 7.1 percent sup- expected to remain robust over economy suggests that foreign higher rates of economic growth ulation for each region are taken results points to Asian EMs con- ported by a slower pace of the long-term and investor investment in EMs could to generate jobs and improving from the UN. tinuing to be the most promising population growth and higher enthusiasm should not be far accelerate. living standards. Second, the capital stock. in the long-term. India, China consumption from its large behind,” the report said. QBA delegation in Germany to boost economic ties

→ Continued from page 17 projects. It provided about it is filled and manufactured in Sheikh Hamad bin Faisal Al QR46bn for new projects con- the Qatari factories, and Qatar Thani stressed that Doha and tracts, about QR8.5bn for is ready to import from Ger- Berlin have more than 60 years projects related to the World many. As for animal feed, Sheikh of commercial relations and 44 Cup in 2022, about QR6bn for Faisal said that Qatari compa- years of diplomatic relations, educational and health projects nies are ready to import because and hence Qatar has become a and QR25bn for infrastructure of the large quantities of live- significant partner for Germany projects and transport. stock, especially camels and in the Mena. Sheikh Hamad bin Dr Gerard Spatel, one of the sheep. Faisal stressed that both coun- Ambassadors of the EU said that Hussein Al Fardan, First tries have many cooperation Qatar is one of the most impor- Deputy to the Chairman, said and partnership agreements in tant investors in the EU and that providing food and medi- the fields of science, education, major European banks, which cal security is a guarantee of technical training, research and makes it the best place to invest, basic needs and a tributary to development, new and renew- considering that all countries of ensure economic stability and able technologies, and other the Union respect the laws of hence social stability. He pointed Sheikh Dr Khalid bin Thani Al Thani (standing second right), QBA’s Second Deputy to the Chairman; fields. investment and Qatari invest- out that all forms of security Qatar’s ambassador, Sheikh ments are welcome in any attain stability, starting from and Hussein Al Fardan (standing third right), First Deputy to the Chairman at QBA with German Saud bin Abdul Rahman Al country belonging to the EU. achieving the basic pillar of dignitaries in Berlin, yesterday. Thani, said that the trade rela- “We want to support Qatar human development to eco- tions between Qatar and in all possible fields, and it is an nomic security and stability, Germany have witnessed a great honor for us to visit the Qatar social stability and national development in recent years. He Businessmen Association,” said security. pointed out that the trade vol- Peter Blitzer, Federal Minister Sheikh Dr Khalid Bin Thani ume between the two countries of State for Agriculture and Al Thani, Second Deputy to the amounted to about ¤3bn cur- Nutrition. Germany is a leader Chairman said that the Qatari rently, which makes Germany in food products and is a food economy absorbed most of the one of the most important trad- exporter with more than ¤70bn, negative effects of the political ing partners of Qatar. and has surpluses in and economic shock of the He added that the volume of production. blockade. He also pointed out Qatari investments in Germany As for food security, he that the implementation of amounted to about $25bn, indi- stressed that there is no coun- development projects helps for- cating that German companies try comparable to German food tify the economy, including the are implementing projects in industries. establishment of logistical sup- Qatar worth more than ¤20bn. “We are delighted to visit ply areas and food security Sheikh Nawaf bin Nasser Al Germany, where we have a lot zones. This is why the QBA are Thani, member of the Board of of investments, and our coun- turning to most countries to find Directors of the QBA, gave a try needs German expertise in suitable partners associated presentation on Doha’s current agriculture,” said Sheikh Faisal with continuing to realise the economic changes and various bin Qasim Al Thani, Chairman Qatar National Vision 2030. The Sheikh Dr Khalid bin Thani Al Thani (third left) Dr. Lars Hendrik Roller, Chief Economic and investment incentives. In the of the Qatari Businessmen Asso- motivation to implement it now current year’s budget, it allo- ciation. He added: that Qatar on the ground is more urgent Financial Adviser to German Chancellor, Angela Merkel and other QBA members in a meeting cated QR94bn for major relies on milk powder provided than ever. in Berlin, yesterday. Mannai avails Commercial Bank’s online Corporate Trade Portal Britain’s govt to

The Peninsula financial products. As a leading Bank, we banking clients. We are delighted to be Alekh Grewal, Director & Group CEO tax throwaway are making significant investments in dig- launching our new digital capabilities in of Mannai Corporation said, “Mannai Cor- ommercial Bank’s Transaction ital technology to capture this opportunity the local market for our business part- poration and Commercial Bank have been plastics Banking Department has partnered and deepen the relationship with our cur- ners as well as for consumer adoption of strategic partners for many years as the Cwith Mannai Corporation by imple- rent and next generation of corporate digital financial services solutions.” Commercial Bank provide the most BRITAIN’S finance depart- menting the Bank’s Corporate Trade advanced trade finance products and ment said yesterday it expected Portal. Commercial Bank’s Corporate services in the market.” finance minister Philip Ham- Trade portal is a user-friendly platform Raju Buddhiraju, Commercial Bank mond’s budget statement next that allows customers to conduct their EGM, Head of Wholesale Banking said, week to include a consulta- local and International Trade Finance “Through Commercial Bank’s Corporate tion on taxing and charging business online, increasing the efficiency Trade Portal, we are providing our cor- environmentally damaging and speed of day-to-day transactions. porate customers with industry-leading single-use plastics. Single-use The new Corporate Trade Portal offers digital solutions services that are cost plastics include packaging and ease of navigation and allow customers effective, simple and secure. Mannai Cor- bubble wrap, polystyrene take- to conveniently complete trade transac- poration is one of the leading names in away boxes and throwaway tions online while simultaneously the Qatari market and we are delighted coffee cups. accessing a wide range of advanced to help them meet their business objec- The finance ministry said features. tives through our Corporate Trade the move would build on the Customers can apply for Trade Portal.” introduction of charges for Finance products such as Letters of Credit, Commercial Bank’s Transaction Bank- plastic bags, which has led to Bank Guarantees, Export and Import Col- ing Department has built strong an 80 percent reduction in lection through the fully secure Portal. relationships with Qatari Corporates and UK plastic bag use since 2015. Joseph Abraham, Group CEO of Com- has been able to offer multiple custom- It said the consultation is to mercial Bank said, “Digital technology is ized trade solutions to meet the launch in the new year and rapidly changing the way people use requirements of its corporate clients. will take into account another Alekh Grewal (left), Director & Group CEO of Mannai Corporation shakes hands financial services. They are increasingly Commercial Bank during 2017 has been government consultation on using digital channels to contact their with Joseph Abraham, Group CEO of Commercial Bank after signing partnership the first Qatari Bank to launch end to end deposit return schemes for banks, execute trades and purchase deal, yesterday. Supply Chain Financing (SCF). drinks containers. 20 BUSINESS SUNDAY 19 NOVEMBER 2017

BACK TO BUSINESS sight Keystone pipeline leaks as extension decision nears

Bloomberg top out, the discount paid for heavy Canadian oil will need ays before Nebraska to widen to make shipping regulators are set to by rail cars affordable, Drule on TransCanada according to Kevin Birn, a Corp’s XL extension to its director at IHS Energy in Keystone pipeline, the exist- Calgary. ing conduit has sprung a The shutdown of the line major leak. It spilled about also comes as falling Vene- 5,000 barrels of oil early on zuelan production and cuts Thursday in South Dakota, by the Organization of Petro- handing new fodder to envi- leum Exporting Countries ronmentalists opposed to the have reduced the availabil- XL project. The company ity of along shut the line, and foes were the US Gulf Coast. Western Volkswagen’s concept car, the I.D. is a connected e-car that can also drive in fully autonomous mode, displayed at CES 2017 quick to respond. Canadian Select heavy in Las Vegas. The spill occurred in crude’s discount to West Marshall County, the com- Texas Intermediate futures pany said in a statement. The widened to $14.20 a barrel, pipeline, which can carry according to data compiled VW to spend £34bn on e-cars about 600,000 barrels of by Bloomberg. It was crude a day from Alberta’s unchanged Friday. to the US Midwest, A significant change in Frankfurt Better e-cars now approved, we are laying the which has so far cost it over is expected to remain shut pricing will negatively affect AFP foundation for making Volkswa- ¤25bn in fines, recalls and while the company responds some drillers. MEG Energy VW is stepping up its gen the world’s number one compensation. to the spill. TransCanada ten- Corp, Ltd and erman automaker player in electric mobility by The crisis erupted in 2015 tatively plans to restart the Inc would focus on the cleaner, Volkswagen said it 2025,” said Mueller. after the group admitted to line November 23, a person see the most impact, Tudor smarter vehicles of planned to invest The push into e-mobility installing cheating software in familiar with the matter said Pickering said. ¤34bn($40bn) over the future, racing to comes as China, the world’s big- 11 million engines worldwide Friday. Analysts have said a Meanwhile, a decision by the next five years in catch up with US tech gest car market, is shaking up designed to dupe pollution tests. prolonged shutdown would Nebraska’s Public Service Gnew technologies to advance its giant Tesla which has the industry by requiring auto- The scandal tarnished the affect distribution of heavier Commission on Keystone XL, push to become a global leader a head-start in the makers to produce a minimum reputation of the proud German oil. The line will remain shut an $8bn, 1,179-mile conduit in electric cars. area. number of e-cars from 2019. behemoth and it remains mired until repairs are completed on the drawing boards since “We are reinventing the car,” Volkswagen on Thursday in legal woes, especially in the and TransCanada receives 2008, is scheduled for chief executive Matthias Muel- already unveiled plans to invest United States and Europe. approval from the Pipeline November 20. The board will ler said after a meeting of the cars is particularly important for more than ¤10bn in new energy But VW held onto its crown and Hazardous Materials decide whether to allow the group’s supervisory board at its Volkswagen as it seeks to shake cars with local partners in China as the world’s largest automaker Safety Administration, Terry Calgary-based company’s Wolfsburg headquarters. off a global emissions cheating by 2025, a figure that is not and the group’s share price Cunha, a company spokes- line to cross the state. While The bulk of the 2018-2022 scandal that shone a spotlight on included in the ¤70bn. recently recovered to pre-crisis man, said in an emailed any ruling there will cer- spending spree would go on polluting diesel engines. Although the VW group is levels. As part of a wider over- statement. tainly face legal challenges, developing electric and hybrid The VW group, owner of 12 betting big on future technolo- haul to cut costs and improve While a 2011 state law an approval would remove cars, VW said in a statement, as brands including Audi, Porsche gies, Mueller said it would not efficiency, VW said it intends to precludes the Nebraska reg- a key hurdle to construction. well as self-driving cars, new and Skoda, announced in Sep- be sidelining existing projects, bring its investment ratio in the ulators from factoring The project, as planned, mobility services such as car- tember that it planned to “since this is how we will earn automotive division down to six pipeline safety or the possi- would send crude from sharing, and digitalisation. electrify its entire fleet by 2030 our money for the foreseeable percent of sales by 2020, from bility of leaks into the Hardisty, Alberta, through Like other traditional car- -- promising fully electric or future.” a hefty 6.9 percent last year. decision on Keystone XL, the Montana and South Dakota makers, Volkswagen is stepping hybrid versions of some 300 VW’s ¤70bn spending plan It also said that plans to cut spill still sends a difficult sig- to Nebraska, where it will up its focus on the cleaner, models. At its meeting on Friday, is lower than the 2015-2019 some 23,000 jobs at its own- nal out at a key time for the connect to pipelines leading smarter vehicles of the future, the supervisory board signed off investments announced in 2014, brand unit in Germany—without company. to US Gulf Coast refineries. racing to catch up with US tech on an overall five-year spend- when the group pledged to resorting to forced redundan- The longer the pipeline The company’s open season giant Tesla which has a head- ing plan totalling “more than spend nearly ¤86bn. cies—were ahead of schedule stays down, the more crude for gauging producers’ inter- start in the area. ¤70bn”, a spokesman told AFP. But that was before VW was with some 9,000 workers will fill storage tanks. As they est closed late last month. The pivot to zero-emissions “With the planning round hit by the “dieselgate” scandal, accepting early retirement.

We want substantial changes in the labour, the environmental, the currency, on how you come to an agreement when Capital Bill Pascrell, top Democrat on there’s a dispute, and on problems of the House Ways & Means Trade Comment origin. Subcommittee in New Jersey Siemens employees Migration Routes protest against job cuts

Berlin Reuters

iemens employees pro- tested in various German Scities against the compa- ny’s proposal to cut 6,900 jobs, which a senior Siemens official said could be revised after negotiations with the union. Siemens said on Thursday it wanted to cut about 6,900 jobs, or close to 2 percent of its global workforce. Roughly half of those would be in Germany, mainly at its power and gas Siemens to strike a fair bargain division, which has been hit by with workers, noting the job the rapid growth of renewable cuts would be devastating for energy. sites in structurally weak parts IG Metall, Germany’s larg- of eastern Germany. “I expect est trade union, called for the that Siemens and the workers’ protests in Berlin and the city representatives would agree on of Offenbach near Frankfurt, a fair balance of interests,” she urging Siemens to revise plans said. Horst Schneider (pic- it said would harm the com- tured), the mayor of the city of pany. Siemens’ human Offenbach, where Siemens resources chief on Friday said plans to cut 700 jobs, said the it could modify its plans after city “has a further right to exist talking with the union. in this global company.” Iris Gleicke, the German “It cannot be that the big government’s commissioner for ones always eat the small ones,” eastern German affairs, urged Schneider said.